Overview of Online Loan Apps
When it comes to loans, they are often considered as a important financial decision that requires a lot of thought. . As it involves a large amount of money, the application process is usually quite strict.
The bank’s approval process involves a thorough examination of the customer’s eligibility through multiple levels of careful examination.
The bank’s loan officers examine customer’s creditworthiness, employment history, income, and expenses to find out their ability to repay the loan amount.
Once the loan application is approved, the customer is require to adhere to the terms and conditions of the loan agreement, including the repayment schedule and interest rates.
Sometimes, the amount you need is not as huge, and you need it immediately to manage urgent financial needs like a medical emergency or home repairs. You may want a solution that does not warrant a rigorous verification process. This is where online loan apps chip in with their services.
Understanding Online Loan Apps
Online loan apps are a perfect integration of technology with the financial sector to meet the customer’s everchanging demands. If you require a relatively smaller loan amount but need it instantly, you can apply for a personal loan through these online loan apps.
These completely digital loan apps powered by online lenders let you apply for an instant personal loan without the hassles of a traditional bank loan. After the personal loan app download, upload the application form and the requisite documents. If you are eligible for the loan amount requested it will be credited to your bank account within a couple of hours.
Factors to Select the Best Online Loan App
Several online vendors have tapped into the demand and joined the online loan app bandwagon. Let us understand the factors in selecting the best personal loan app:
- Research and compare the various online loan apps and check factors such as loan eligibility criteria, tenure, interest rates, other fees, reputation, and dedicated customer support.
- Check the security and privacy policies of the online loan app.
- Always read through online reviews and previous user experiences to choose the best loan application.
- Check for hidden charges. The online loan app offering the lowest interest rate may not always be the best.
Features and Benefits of Online Loan Apps
Some of the benefits and features associated with online loan apps are:
- The exact amount of money that these online loan apps lend depends on your eligibility. However, these digital loan apps offer you a flexible range of loan amounts.
- These online loan apps offer you unsecured personal loans, eliminating the need for collateral.
- The interest rates are quite reasonable because the loan tenure is often for a few months for small amounts. Moreover, you pay interest only for the amount you withdraw.
- The digital loan apps do away with any physical visits or documentation to avail of the loan.
- The entire process is quick, with your loan being disbursed within a couple of hours after your application is approved.
- The app has an easy-to-use interface.
- All the best personal loan apps are available around the clock which is a great advantage for people with urgent financial needs.
- Almost all digital loan apps offer you real-time tracking of your loan applications.
- Online loan apps are integrated with advanced security measures to safeguard your critical information.
Several online vendors have tapped into the demand and joined the online loan app bandwagon. Let us understand the factors in selecting the best personal loan app:
- Research and compare the various online loan apps and check factors such as loan eligibility criteria, tenure, interest rates, other fees, reputation, and dedicated customer support.
- Check the security and privacy policies of the online loan app.
- Always read through online reviews and previous user experiences to choose the best loan application.
- Check for hidden charges. The online loan app offering the lowest interest rate may not always be the best.
InstaMoney Online Loan App
With 69 lakh+ registered customers and more than 45 lakh downloads with over 1200 crores disbursed as loans, it is no wonder InstaMoney is considered one of the best online loan apps in the market. It ticks all the right boxes when it comes to its benefits and customer-centric features.
Eligibility Criteria for Personal Loan from InstaMoney Online Loan App
You need to be an Indian citizen aged between 21 and 45 years of age and should possess a valid Aadhar card/PAN card. You also need to have a consistent salary of at least Rs. 12,000 monthly to be eligible to apply for a personal loan through the digital loan app.
Documents For a Personal Loan from the InstaMoney Online Loan App
You need to upload scanned copies of the following documents in the digital loan app:
- Know Your Customer (KYC) Documents – Aadhar Card and PAN Card
- Bank statement of the previous 3 months with your salary reflected
- A selfie
Applying For a Personal Loan from the InstaMoney Online Loan App
Applying for a personal loan through the best online loan app is pretty simple:
- The personal loan app download is the first step in the loan application process. You can use your social media or email details to log in to the app.
- Answer a few personal and finance-related questions in the digital loan app and you will get to know the loan amount you are eligible for.
- You can proceed to sign up for the loan if you are happy with the loan amount quoted.
- Once your loan eligibility is confirmed, you will need to pay a registration fee of Rs. 199. This registration fee needs to be paid every time you apply for a loan.
- Scan and upload the requisite documents. The online loan app will disburse your approved loan amount to your bank account within a couple of hours
Final Thoughts
Availing a personal loan through the online loan app is entirely dependent on the purpose of your loan. It is advisable to apply for a personal loan through the online loan app if it is an urgent requirement and a relatively small amount that you can repay within a couple of months.
If you feel that the slightly higher interest rate is negligible compared to the convenience and accessibility that the online loan app offers, consider taking an online personal loan.
Read through the fine print and understand the terms and conditions clearly before committing yourself to an online loan app. An easier way would be to go ahead with one of the best online loan apps in the market – the InstaMoney Online Loan App. Take control of your finances today with the best personal loan app.
Frequently Asked Questions:
1. What are the disadvantages of online loan apps?
There are some disadvantages associated with online loan apps. The personal loan falls under the category of an unsecured loan (without collateral) the interest rates for these online loans are comparatively higher than bank loans. Also, the maximum loan amount that you are eligible for the first time you apply would be less than that of bank loans. As with all things online, there is always the risk of hacking and fraud.
2. What factors might alter interest rates for personal loans through online loan apps?
The interest rates for personal loans depend on your credit score- the higher it is lower the interest rates are. Employment type, steady income, and a clear repayment history can affect the interest rates.
3. How soon can I reapply for a personal loan through the InstaMoney online loan app?
If your loan through the InstaMoney online loan app is rejected, you can reapply for a loan after 3 months of resolving the issue due to which your loan was initially rejected. You can reapply for a fresh loan as soon as you have closed your previous loan successfully.
